SAN ANTONIO & NEW YORK--(EON: Enhanced Online News)--EagleTree Capital (“EagleTree”), on behalf of its private equity fund
EagleTree Partners IV, today announced that it has acquired a majority
stake in WaterFleet LLC (“WaterFleet”), a leader in mobile water and
wastewater treatment solutions, from several existing shareholders,
including founders Alan R. Pyle and Allison C. Pyle. As part of the
transaction, the existing shareholders will retain a significant
minority stake in WaterFleet, and the entire management team, including
both founders, will continue to lead the Company. Co-investors,
including Stars Investment Management Co., are also investing alongside
EagleTree. Terms of the transaction were not disclosed.

“WaterFleet has flourished under their leadership
by combining world class technology-enabled solutions with the highest
level of customer service. We look forward to supporting their entire
team to maximize the Company’s growth potential.”

WaterFleet is an industry-leading, full-service provider of mobile water
and wastewater treatment solutions for remote locations. The company’s
innovative technology and green solutions have transformed the
remote-location water and domestic wastewater industry, significantly
improving remote workforce living conditions and reducing the cost and
environmental risk of traditional wastewater services. WaterFleet
operates a technology-as-a-service platform by leasing its systems to
customers and providing ongoing compliant treatment and remote
monitoring services.

“We are pleased to be partnering with EagleTree, a firm that has
significant water industry expertise,” said Mr. Pyle, founder, president
and CEO of WaterFleet. “With EagleTree’s support, we’ll be better
positioned to enhance our reach and scale by expanding our fleet
capacity and real-time monitoring solutions in order to better serve our
existing customers in the energy industry. We will also continue to
build upon our experience in additional sectors – such as industrial
construction and emergency response – that benefit from our solutions.
We look forward to working together closely to address the myriad of
water-related problems that are impacting businesses, municipalities and
water-stressed populations in the U.S.”

“Through its proprietary filtration and treatment processes and 24/7
technology-driven remote monitoring capabilities, WaterFleet has
delivered an innovative solution to address a fundamental customer
concern,” said Dr. Rengarajan Ramesh, Partner at EagleTree. “Not only is
the Company delivering water of the highest quality through The Water
Rig® and The Reclaimer Rig®, its remote monitoring ensures up-to-date
compliance with Health Safety and Environment (HSE) and OSHA
requirements, significantly improves workforce productivity and living
conditions, and delivers a number of environmental benefits. We are
pleased to be joining forces.”

“We are thrilled to be partnering with the Pyles, who are visionaries in
the mobile water and wastewater industry,” said Robert Fogelson, Senior
Partner at EagleTree. “WaterFleet has flourished under their leadership
by combining world class technology-enabled solutions with the highest
level of customer service. We look forward to supporting their entire
team to maximize the Company’s growth potential.”

Sperry Mitchell served as financial advisor and Norton Rose Fulbright
served as legal advisor to WaterFleet. Jones Day served as legal advisor
to EagleTree.

About WaterFleet

WaterFleet operates a fleet of Mobile Water Drinking System production
trailers (The Water Rig), and Mobile On Site Sewerage Facility trailers
(The Reclaimer Rig) for oil field drilling and completion site
operations. Both systems are designed to the highest standards with
specific technology to address the particular demands of this
environment. You can visit www.WaterFleet.com
for more information on our services.

About EagleTree Capital

EagleTree Capital, formerly Wasserstein Partners, is a leading
independent private equity and investment firm, focused primarily on
leveraged buyout investments and related investment activities.
EagleTree manages capital on behalf of institutional and individual
investors. The firm is focused on investments primarily in the media and
communications, consumer products, and water and industrial sectors.
EagleTree is located in New York. For more information, visit http://www.eagletree.com.

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